Comprehensive Guide to SEBI Research Analyst (RA) Registration

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  • 27 Dec 2025

Comprehensive Guide to SEBI Research Analyst (RA) Registration: Legal Boundaries, Borrower Rights & Remedies

The field of research analysis is not only lucrative but also highly regulated under SEBI guidelines. With a burgeoning stock market clientele and an increasing number of unemployed graduates seeking opportunities, the role of a Research Analyst (RA) presents significant earning potential and career growth.

Who Is a Research Analyst as per SEBI?

A Research Analyst is a professional who prepares or issues research reports, provides recommendations or opinions on securities, or assists investors in making informed decisions.

Key Definitions:

  • Securities: Defined under Section 2(h) of the Securities Contracts (Regulation) Act, 1956.
  • Research Report: Any communication that includes research analysis or investment recommendations on securities or public offers, forming the basis for investment decisions.

In essence, anything said about the future price of a share or commodity qualifies as research under SEBI regulations.

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How to Get Registered as an RA?

To begin, create a user ID on the BSE RA Portal i.e. https://membershipraia.bseindia.com/login.aspx

Required Formalities:

  1. Fulfil qualification and experience criteria.
  2. Obtain NISM certification.
  3. Prepare necessary documents for application.
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Qualification and Experience Criteria

Education:

  • Postgraduate or professional degree in finance, business, economics, or related fields.
  • Graduates with at least five years of relevant experience are eligible.(Experience criteria removed by Gazette Notification on 16.12.2024)

Certification:

  • Must clear the NISM-Series-XV: Research Analyst Certification Examination.
  • Renewal exams include updates on regulations and market practices.
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(Qualification criteria changed by Gazette Notification on 16.12.2024)

Fees Structure

Type

Application Fees

Registration Fees

Renewal Fees (Every 5 Years)

Individual/Partnership Firm

₹2,000

₹3,000

₹1,000

Corporate/LLP

₹20,000

₹30,000

₹5,000

Deposit Requirements:

Client Base

Deposit Requirement

Up to 150 clients

₹1 lakh

150 to 300 clients

₹2 lakhs

300 to 1,000 clients

₹5 lakhs

Above 1,000 clients

₹10 lakhs

Note: Individual RAs now have no fixed net worth criteria but must maintain bank deposits based on client count.

(Net worth requirements have been changed to Deposit Criteria by Gazette Notification on 16.12.2024)

Validity of Registration

RA registration is now perpetual unless cancelled or suspended by SEBI. Previously, it was valid for five years.

Documents Required for Registration

Key Documents:

  1. Board Resolution (for companies/LLPs).
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  1. Declarations for compliance, infrastructure, and pending disputes.
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  • Declaration for necessary infrastructure
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  • Details of all settled and pending disputes in the last 5 years
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  1. Declaration for compliance with Chapter of 3 of Regulations
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  1. Declaration for fit and proper persons
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  1. Copy of the proposed research services
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  • Copy of the internal policies and procedures
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  • Copy of the standard disclosures
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  • Details about distribution Services and relevant declaration
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  1. Declaration about execution services
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Registration process on the website

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Fill up the form with all the relevant detail pertaining to registration.

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Fill the form and upload all the relevant documents in pdf.

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Have all the relevant details handy such as DIN number or PAN Number.

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Fill all the detail related to shareholders

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Upload all the infrastructure details.

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Upload various policy related documents.

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Click the checkbox that you agree to all the declarations you made in the form.

Fees an RA Can Charge

Currently, there is no limit on fees charged by RAs. However, SEBI is considering capping fees at ₹1.25 lakhs per year per individual client.

Benefits of RA Registration

  1. Legally practice research advisory without fear of penalties.
  2. Enhance credibility with clients and stakeholders.
  3. Access wider professional opportunities in financial markets.

FAQs

Q1. What’s the difference between an RA and an Investment Adviser (IA)?

  • RA: Provides general recommendations without risk profiling or customized advice.
  • IA: Offers tailored investment advice based on risk profiling.

Q2. What’s the difference between a research entity and an independent RA?

  • Independent RA: Solely engages in research analysis.
  • Research Entity: Provides research services as part of a broader business (e.g., investment banking, brokerage).

Q3. What is not considered research?

  • General market trends, economic commentaries, and technical analysis are not classified as research reports under SEBI regulations.

Conclusion

Becoming a SEBI-registered Research Analyst is an excellent career path for those interested in finance and research. With a growing stock market and a limited number of RAs, there’s immense scope for new entrants to thrive in this field. 

Disclaimer

The contents in this article are just for informational purposes only. Efforts have been made to ensure the accuracy and reliability of information, the author(s) and publisher do not guarantee its completeness or precision. Any matter written in this article does not express the opinion of the author or the publisher. Additionally, it does not reflect the views of the organisation. Readers should self-analyse the information and perceive accordingly. The author(s), The publisher and the organisation are not responsible for any losses or damage occurring due to the interpretation of the article.

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